NEW YORK — Harriet & Henderson Yarns Inc. filed a Chapter 11 petition Tuesday at U.S. Bankruptcy Court in Raleigh, N.C., and a company official blamed U.S. trade policies for its financial situation.
“Due to rapidly increasing imports from China and other Asian suppliers, our company has struggled financially,” president and chief executive Dale Fite said in a statement. “This problem is exacerbated by the Bush administration’s unwillingness to curb or control illegal textile imports or attempt to save the textile jobs that still remain in this country.”
The company said it had recently closed one of its plants and hoped to sell its idle facility and equipment while operating under court protection. It said it intended to keep operating plants in Cedartown and Bladen, N.C., which together employ about 300 workers.
Fite could not be reached for additional details.
Harriet & Henderson, founded in 1895 in Henderson, N.C., produces all-cotton and cotton-blend yarns. As recently as 2000, the company kicked off a $20 million renovation and expansion of its Bladen plant, in an effort to remain competitive.
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